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The most important thing is that you are comfortable and not in pain.
You can always experiment with position but it can take a few rides to adjust.
Personally I think if you stretched out and not got any muscles etc squashed the better.
I personally slam my stem on both my bikes. I don't even use a dust cover . I don't think slamming is for everyone even Armstrong used spacers.

While I'd second having 0 spacer being the best, you actually have to insert at least one 5mm spacer between your headset and stem. I don't remember the rationale (too much preload onto the head cap or such), but that's what pretty much today's most bike manufacturers say.

Many frames of the same size have different head tube sizes. One 54 cm frame can have a head tube of 125 mm., another 54 could have a 150 mm. head tube. This can affect what is the best fit/spacers for a particular person.

I say as few spacers as possible, but it also depends on the size of the bike and the length of the stem.
To my eye- A shorter stem does not look as bad with say 20-25mm of spacers under it. A longer stem looks funny with a bunch of spacers under it.

But in general I would say 15mm as a max (for aesthetics)- but less is better.

Also- A bike looks better with a 15mm topcap and 1cm spacer than an 8mm topcap and 17-20mm of spacers.